CapitaLand Group 3Q 2011 Results...4 CapitaLand Group FY2011 Results February 2012 Results...

CapitaLand Group

Financial Year 2011 Results

14 February 2012

CapitaLand Group FY2011 Results *February 2012* 2

Disclaimer

This presentation may contain forward-looking statements that involve risks and uncertainties. Actual

future performance, outcomes and results may differ materially from those expressed in forward-

looking statements as a result of a number of risks, uncertainties and assumptions. Representative

examples of these factors include (without limitation) general industry and economic conditions,

interest rate trends, cost of capital and capital availability, availability of real estate properties,

competition from other companies and venues for the sale/distribution of goods and services, shifts

in customer demands, customers and partners, changes in operating expenses, including employee

wages, benefits and training, governmental and public policy changes and the continued availability

of financing in the amounts and the terms necessary to support future business. You are cautioned

not to place undue reliance on these forward looking statements, which are based on current view of

management on future events.

3 CapitaLand Group FY2011 Results *February 2012*

Contents

• Results Overview

• Significant Achievements

• Strategy

• Financials & Capital Management

• Going Forward

• Conclusion


Results Overview – Another Year of exceeding S$1b

Net Profit

• Net Profit of S$1,057.3m for FY2011

– 6th consecutive year of net profit > S$1b

– 26% lower y-o-y from FY2010

– Singapore, China and Australia contributed 97% of Group’s

EBIT; ~90% of Group’s total assets1

• Proactive Capital Management

– Strong Cash position of S$6.3b

– Healthy Net Debt/Equity of 0.31

– Secured ~S$10b of loans & credit facilities, met Group-wide’s

Refinancing

• Proposed Dividend - 8 cents (total)

1 Excluding treasury cash


Significant Achievements

• 583 residential units above Bedok transportation hub, with direct

and seamless access to MRT, buses and an integrated shopping

mall (GFA 375,266 sq ft)

• 81% sold since launch; average selling price @ S$1,350 psf

• Strong expertise and leadership in mixed-use development gives

added competitive advantage

Bedok Residences – The Only Private Development in

Bedok Central


Successful launch of Bedok Residences in Nov 2011. Target TOP in 2015

CapitaLand Group FY2011 Results *February 2012*

Sky Habitat

7

Target to launch in

2Q2012


• 509 residential units designed

by star architect Moshe Safdie

• 38-storey towers linked by

three bridging “sky bridges”

• 5-min walk to Bishan

transportation hub and

Junction 8 Shopping Mall


Westgate

8

7-storey shopping mall to be

opened by Dec 2013;

Office Tower ready by late 2014


• Designed by star architect

Benoy

• 7-storey lifestyle shopping

mall (NLA 426,000 sqft) to be

opened by Dec 2013;

20-storey office tower (NLA

315,000 sqft) by late 2014

• Centre of activity in up-and-

coming Jurong Lake District

• Direct connections to the

Jurong East MRT & bus

interchange

Westgate – New landmark in Jurong

Groundbreaking on 12 January 2012

9

CapitaGreen - former site of Market Street Car Park


CapitaGreen, a new Grade A office tower

Groundbreaking ceremony on 6 February 2012

Target

Completion in

4Q2014

• A new landmark building

(NLA 700,000 sqft) in

Raffles Place


Toyo Ito

• Most “green” 40-storey in

the CBD given its façade‟s

55% green ratio

• Designed to achieve Green

Mark Platinum award


Chao Tian Men site

10

• 8th Raffles City in China


Moshe Safdie

• Prime site in heart of Yuzhong

District in Chongqing (GFA

817,000 sqm)

• At the confluence of Yangtze

River (east) and Jialing River

(south)

• Chongqing to be the next

“Shanghai”, spearheading the

development of south-west

China


Option A

Concept Design


Subject

Site

(1) Based on CMA’s effective stake of 50.0%

Suzhou site

• Designed by star architect Benoy

• 50:50 JV with Suzhou Industrial Park government („SIP‟)

S$637m1; GFA 310,000 sqm

• Largest shopping mall in Suzhou located in the heart of western

CBD in SIP

Artist Impression of Project


Raffles City Portfolio in China

• 8 Raffles City projects (worth RMB 58b/ S$12b when completed)

• Raffles City Chengdu & Raffles City Ningbo achieved structural

top-up in 2011

- Scheduled to commence operations from 3Q 2012

Raffles City Chengdu Raffles City Ningbo


Value Homes & Townships

Value Homes (CVH)

• Acquired 2 sites in Guangzhou and

Shanghai to build over 2,400 value

homes

• Total development pipeline of ~5,000

value homes (GFA: ~ 500,000 sqm)

• Target to launch Lakeside, Wuhan

(~ 2,500 units) by 4Q‟12

Township (Surbana)

• Sold 2,660 units in 4 townships

(cumulative 14,3561 units)

The Botanica, Xi‟an

1 As at 31 December 2011

Lakeside, Wuhan

14

Serviced Residence

• Portfolio expanded to over 29,000 units:

- Committed investment of over S$665m

- Secured 23 management contracts (7 in China)

- Opened 6 new properties, including 2 in China

• Recycled 2 properties in China and divested 1 property in

India with total proceeds over S$270m

• Robust financial performance

– Increased hospitality management and service fee of

S$118m

– Stellar RevPAU* growth from Singapore (+18% to S$237)

and UK (+11% to S$243)

* Refers to Systemwide RevPAU

Somerset Wangjing Beijing

Somerset Greenways Chennai


Ascott Paragon Macau Somerset Zhongshan Wuhan

15

357 Collins St, Melbourne

• Australand Office Redevelopment

– Due for completion 2H2012

– 50% committed leases, and

20% under heads of agreement

– Average lease expiry of 9 years

– Estimated end value of A$192m

(S$250m)

– Yield on cost of 8.5%

– 5 Star Greenstar Rating


357 Collins St VIC


Strategy

17 CapitaLand Presentation *Apr 2009* 17

Corporate Strategy

Scale in real estate sectors1

Balance across

real estate sectors1

Focus on

Singapore, China

and Australia

1(residential, shopping malls, offices, serviced residence & mixed development)


3 Core markets (~90% of Group’s total assets1) - Singapore, China, Australia - To devote bulk of resources and effort

3 Secondary markets (~6% of Group’s total assets)

- Europe (serviced residences only), Malaysia, Vietnam

- Relatively large and stable operations, with potential for further growth

2 Opportunistic markets (~3% of assets)

- Japan, India

- Difficult economic climate or challenging operating conditions

Strategic Focus

Note: Others markets for ~1% of assets 1 Excluding treasury cash

+3+ 2 market strategy


Singapore, China & Australia ~90% of Total Assets1

Assets Allocation

Singapore and China ~70% of Assets

1Excluding treasury cash

*China including Macau & Hong Kong

** Excludes Singapore and China but includes projects in GCC

Australia

$5.5B, 17%

China*

$12.0B, 38%

Other Asia**

$2.7B, 8%

Europe

$0.8B, 3%

Singapore

$10.9B, 34%


Singapore, China & Australia ~97% of EBIT Financials

Singapore and China ~80% of EBIT

*China including Macau & Hong Kong

** Excludes Singapore and China but includes projects in GCC

China*

$813.0M, 39%

Singapore

$877.3M, 42%

Australia

$336.5M, 16%

Other Asia**

$46.8M, 2%

Europe/Others

$12.9M, 1%


Total Committed Project Size of

On-going Development Projects1

Singapore 21%

China 51%

Australia 24%

Others 4%

Singapore China Australia Others

Investing to Build Scale in Three Focused Countries

Total Committed Project Size : S$60.6b

1 Based on 100% effective stake


Asset Allocation

Singapore Assets: S$10.9b

(34% of Group‟s Total Assets*)

Surbana 2%

Balanced Portfolio in Singapore & China

* Excluding treasury cash

China Assets: S$12.0b

(38% of Group‟s Total Assets*)

Commercial &

Mixed Development

20%

Residential

28%

Retail

40%

Financial

Services

1%

Serviced

Residences

6%

Others

3%

Commercial &

Mixed Development

22%

Residential

38% Surbana

1%

Retail

30%

Serviced

Residences

7%

Others

2%

22

Manage Volatility & Mitigate Unfavourable

Government Policies

Continue to Focus On Key Regions & Cities in China


• S$12b of Group‟s Total Assets

• S$31b1 of Total Project Size;

• 92% of Assets located in 12 key cities

Beijing

Zhengzhou

Chengdu Shanghai

Guangzhou

Wuhan

Chongqing

1 100% basis


Financial Services

• One of Asia‟s largest Real Estate fund managers

• Managing 6 REITs and 15 private equity funds

• S$34b Assets Under Management with focus on Singapore and China

• FY2011 : Total fund management fees S$173.1m

47%

36%

17%

Assets Under Management

Singapore China Others

45%

55%

Fund Management Fees

PE Fund REITs

24


Leadership Across Real Estate Sectors

One of Asia‟s Largest Real Estate Companies

Singapore‟s Leading Residential Developer & Mall

Owner /Operator

China‟s Leading Foreign Real Estate Developer

Asia‟s Leading Mall Developer, Owner and

Manager

Largest International Serviced Residence Owner-

Operator

One of the Largest Asian dedicated Real Estate Fund

Managers

S-REITs

CMT : 1st & Largest

CCT : Largest Office

ART : 1st Hospitality

CRCT : 1st China Mall


Facade works along Orchard Road

Works on link between

Plaza Singapura and Atrium@Orchard

(1) Artist’s impression; subject to authority’s approval.

Singapore Strategy -

Perspective of new facade(1)

On Track To Complete in 4Q 2012

1) Enhance Yields of Mall Portfolio through AEIs


2) Design & Development Capabilities in Large Scale

Mixed Use Projects

27

Westgate – Greenfield Development

Singapore Strategy (cont‟d) -


Singapore Strategy (cont‟d) –

28

d‟Leedon

3) Build Residential Pipeline


4) Replenish Grade A Office Portfolio in good locations

29

CapitaGreen

Singapore Strategy (cont‟d) -


China Strategy -

30

Residential @ 100%

(By GFA ~ 3.2 mil sqm)

East 28%

North 16%

South 48%

Southwest 8%

Central 38%

South 45%

East 17%

1) Focus in Key Regions/ Cities

92%* of Group‟s China Property in Top 12 Cities

Value Homes Pipeline @ 100%

(By GFA ~ 527,000 sqm)


China Strategy (cont‟d) -

2) Develop Full Suite of Housing Type from high end to

value homes/township

Paragon, Shanghai Lakeside, Wuhan

31



3) Leverage on Raffles City brand

32

Raffles City Chongqing Raffles City Shenzhen



4) Focus on Opening new malls and Ramping Up of

Operational Malls

Hongkou Plaza, Shanghai

33



5) Deepen Serviced Residence Footprint in Key Cities to

cater to growing domestic travel business

Somerset Zhongshan, Wuhan

34


Australia Strategy -

• Maintain focus on the core sectors of residential, industrial

and office

• Maintain recurring earnings of 60-70% of Australand‟s EBIT;

FY 2011 EBIT: S$324.2m (16% of CL‟s Group‟s EBIT)

• Continue to reposition development activities to improve

returns

35

INVESTMENT PORTFOLIO

Commercial

& Industrial

S$3.6b1 S$2.8b

Residential Office

& Industrial

S$10.5b1

DEVELOPMENT PIPELINE

OPTIMUM MIX OF RECURRENT INCOME AND GROWTH 1. Estimated pipeline end values


Financials & Capital Management


Change

%

FY 2010

(restated1)

FY 2011

FY2011 Net Profit (PATMI) of S$1,057m:

6th Consecutive year of > S$1b

Financials

(S$ million)

(11)

(19)

(26)

3,383

2,585

1,426

3,020

2,087

1,057 PATMI

EBIT

Revenue

FY 2010

(previously reported)

3,383

2,384

1,273

1The 2010 results were restated to be comparable to the current year’s results as a consequence of the adoption of the INT FRS 115 accounting

policy which was effective on 1 January 2011.


Change

%

4Q 2010

(restated1)

4Q 2011

Net Profit (PATMI) of S$477 m in 4Q 2011

Financials

(S$ million)

17

(14)

(20)

903

947

596

1,059

812

477 PATMI

EBIT

Revenue

4Q 2010

(previously reported)

1,137

825

522

1The 2010 results were restated to be comparable to the current year’s results as a consequence of the adoption of the INT FRS 115 accounting

policy which was effective on 1 January 2011.


Balance Sheet & Liquidity Position Capital Management

Change

Increased

Decreased

Increased

Decreased

FY 2010

(restated2)

17.9

7.2

3.2

72%

Net Debt (S$bn)

% Fixed Rate Debt

Cash (S$bn)

Equity (S$bn)

Ave Debt Maturity(Yr)1 Improved 3.7

Healthy 0.2 Net Debt/Equity

FY 2011

19.2

6.3

5.9

66%

3.8

0.3

1 Based on put dates of Convertible Bond holders

2The 2010 results were required to be restated to be comparable to the current year’s results as a consequence of the adoption of the INT FRS 115

accounting policy which was effective on 1 January 2011.

NTA/Share (S$) 3.18 3.40 Improved


Group Overview – FY 2011 PATMI Analysis Financials

0

200

400

600

800

1,000

1,200

Operating Profit

Portfolio Gains Revaluation Gains

Impairments PATMI

352

222

534

(51)

1,057

S$m


PATMI excluding CMA & Australand Financials

FY 2011

1,057

648

300

(S$ million)

Australand

CapitaLand Group

CapitaMalls Asia

%

100

109

CapitaLand ex.

CMA & ALZ

Contribution from:

62

28

10


EBIT by Geography Financials

FY 2011: S$ 2.1b vs FY 2010 (restated) : S$ 2.6b

1,241

813

301

176

42 12

877 813

337

16 47

(3)

-200

0

200

400

600

800

1,000

1,200

1,400

Singapore China Australia Europe Other Asia Others

2010

2011

294 (3) INT FRS 115

Restatement

(1)

(1) China including Macau and Hong Kong

(2) Excludes Singapore and China and includes projects in GCC

(3) Includes S$294m restatement due to adoption of INT FRS 115 for projects: The Seafront on Meyer, Latitude and The

Orchard Residences

S$‟m

(2)

Unlisted

(1)

EBIT by SBUs

* Represents 100% EBIT at CMA and ALZ level

(1) Excludes Retail and Serviced Residences in China

(2) Includes residential projects in Malaysia

(3) Includes Corporate Office, Surbana and Others

S$‟m

INT

FR

S 1

15

eff

ect

Listed

424

327

190 148

80

9 (13)

597*

324*

-100

0

100

200

300

400

500

600

700

CL China Holdings

CL Residential

S'pore

CL Commercial

Ascott CL Financial

Others CVH CMA Australand (3)

(2)

Strong Track Record Across SBUs



Debt Maturity Profile Financials

CL Group CL Group (ex CMA & Australand)

Assumption: convertible bonds with full tenor

S$‟m S$‟m

Group cash balance of S$6.3b provides strong liquidity position for CL Group

861 1,147 1,106

1,942

7,386

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

2012 2013 2014 2015 2016+

622 356 884

1,284

5,495

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

2013 2013 2014 2015 2016+

44

2012


Total of ~S$10b Raised Across the Group

Financials

Bank Loans

Bonds

Equity

• S$6,908m1 loans raised

• Participation by >25 banks

• S$800m in CMBs

• S$650m of S$ bonds

• S$500m of S$ retail bonds

• S$448m in equity

Proactive Fund-Raising to Support Growth and Preserve Financial Flexibility

1 Includes only major financings/loans raised

45

Convertible Bonds •S$350m in Convertible Bonds

PE Funds • Raised ~S$390m from PE Funds


Investing for the Future Financials

• Investing to enhance our returns

– Committed over S$11b of new investments in 2011 (99% in Singapore

and China)

– Investment outflow of S$5.5b

• Financial flexibility & balance sheet strength to pursue more

opportunities

– We can move fast

– Healthy net D/E of 0.31, S$6.3b of cash on balance sheet

– CL-level refinancings for 2012/13 have been met

– All funding platforms (banks, capital markets, REITs, Private funds) are

accessible

Focus on ROE

46


Going Forward


Singapore Outlook

48

• Short term uncertainty & market softening due to macroeconomic conditions and Singapore Government cooling measures

• CL is well-positioned to manage volatility:

– Residential portfolio strategically located and well differentiated

– Re-constitute Grade A office portfolio to cushion negative rental reversion

– Shopping malls to benefit from rental growth arising from AEIs and new completion

– Strong liquidity position

• Leadership position in multi-sector business offers growth opportunities



China Outlook

• Short-term impact to residential market due to:

- Measures to restrict purchase of residential properties,

- Credit tightening measures affecting real estate companies

• Commercial projects continue to see positive growth in rentals

• Serviced Residence projects continue to see growth

• CL is well positioned

- Diversified across various real estate sectors

- Increased presence in key cities

- Net cash position in China

- Banks remain supportive of CapitaLand


Conclusion


Summary

• Despite multiple global financial crisis, CL achieved 10 years

of Profit ability with last 6 consecutive years of >S$1b

• Focus on opportunities in Asia, particularly Singapore, China

& Australia

• Maintain leadership position in real estate sectors

• Prudent capital management

• Strong financial position

• Management bench strength and proven execution

• Good track record

• Full suite of design & development expertise


Thank you


Supplementary Slides


Core Markets Highlights

Singapore

• Sold 844 homes in 2011 6%

YoY, with total sales S$1.35b

• Bedok Residences

― Unique in-house skillset –

combining residential know-how

and retail experience to extract full

development potential of site

― Linkages to key transportation

modes

― Capitalise on surrounding amenities

• Adequate pipeline

– To launch an average of 800 to

1,000 units per year over the next 2

to 3 years

Singapore Residential

Bedok Residences Launch in Nov 2011

CapitaLand Residential Singapore (CRS)



Singapore – Sales and Construction Progress1

CapitaLand Residential Singapore (CRS)

% Sold % Completed

As at Dec 2011 As at Dec 2011

Launched in 2007

The Seafront on Meyer 327 327 99% 100%

The Orchard Residences 175 175 91% 100%

Launched in 2008

The Wharf Residence 186 186 97% 71%

Latitude 127 127 84% 100%

Launched in 2009

The Interlace 1,040 900 77% 47%

Urban Suites 165 165 100% 30%

Launched in 2010

d'Leedon 1715 800 57% 21%

Launched in 2011

Urban Resort Condominium 64 34 74% 29%

PROJECTUnits

LaunchedTotal Project

1 Figures might not correspond with income recognition

56


Singapore Office/Mixed-use development CapitaLand Commercial Limited (CCL) & CapitaMalls Asia (CMA)

• Acquisition opportunities for Grade A buildings in good locations

• Westgate (Retail-cum-office development owned jointly by CCL,

CMA and CMT)

– Groundbreaking on 12 January 2012

– 7-storey shopping mall to be opened by Christmas 2013; 20-storey office

tower will be ready in late 2014

Westgate – New landmark in Jurong

Shopping mall & office tower


Singapore Commercial (cont‟d) CapitaLand Commercial Limited (CCL)

• StorHub expands business in Singapore and China

– Acquired ~137,000 sq ft facility at Admiralty for S$16.4m

– Acquired first self-storage facility of 43,000 sq ft in China for RMB 48m

(approx S$9.2m)

StorHub Admiralty


Surbana Corporation

Building Consultancy Services

The Nautical

Punggol Waterway, Singapore

• Maintained dominance in HDB

market and made inroads into other

sectors

– Secured new projects such as

Singapore University of Technology

and Design and completed

Punggol Waterway & Aquatic

Science Centre

• Secured building consultancy

services for large-scale project in

Penang, Malaysia

– 11,800 homes over five phases on

a 80-ha site at Bandar Cassia on

mainland Penang

Penang public housing project, Malaysia


Singapore Shopping malls


CapitaMalls Asia (CMA)

• Tenant sales and shopper traffic in Singapore grew at 5.5% and 2.2%

• 2 acquisitions:

- Westgate and iluma

• On-going /New Assets Enhancement to start:

- JCube, The Atrium@Orchard, Clarke Quay and iluma

• Pipeline for growth :

Bedok Mall

Opening in 1Q 2014 Westgate

Opening in 4Q 2013

Star Vista

Opening in 3Q 2012

60


Singapore Shopping malls (cont‟d)

The Atrium @Orchard

Completion: Dec 2012, ROI:

10.4%

iluma

Completion: Jun 2012, ROI: 22.4%

Clarke Quay

Completion: 3Q 2012, ROI: 13.0%



Enhancing NPI Yields Through AEIs

JCube

Completion: 1Q 2012, ROI: 9.7%



China


China Residential CapitaLand China Holdings (CCH)

FY 2011 -

• 5 new residential projects

launched

• Sold ~1,500 units

• Sales value ~ RMB 3.1b

• Delivered ~3,300 units

Adequate pipeline -

• ~ 21,000 units over next 5

years

• Target launch ready an

average of 4,000 units per

year

Paragon, Shanghai

63

Imperial Bay, Hangzhou


CapitaLand China Holdings (CCH)

Raffles City Shanghai

Iconic landmark within Shanghai

Yield on valuation 6.7%

Yield on cost 15.1%

Raffles City Beijing

Located in Dongzhimen

Yield on valuation 5.5%

Yield on cost 9.8%

* Occupancy for retail and office components as at Dec 2011

China Mixed Use Development • 2 operational assets performed well

– Occupancy of over 90%

– Valuation growth of over 7% y-o-y


CapitaLand China Holdings (CCH)

• The Raffles City portfolio is

well-diversified

• Stable valuation growth, backed

by rising net property income

• New revenue stream from Raffles

City Chengdu and Raffles City

Ningbo, in 2012

GFA Allocation

Office 32%

Retail 31%

Hotel/ Serviced

Residence 13%

Apartments 24%

China Mixed Use Development (cont‟d)

66

Sales Status CL Effective % Launch Sold

2TOP for

Stake % as at Dec 2011 launched units 5

SHANGHAI

The Metropolis 1,005 70% 75% 2013

The Pinnacle - South Plot 242 80% 95% 2012

Paragon – Phase 1 116 4 99% 3% 2013

HANGZHOU

Imperial Bay 144 3 50% 10% 2013

BEIJING

Beaufort – Phase 1 467 1 50% 100% Dec 2011

Beaufort – Phase 2 220 1 50% 88% 2013

TIANJIN

International Trade Centre 399 4 100% 17% 2014

CHENGDU

The Loft 2,516 3 56% 74% 2012

FOSHAN

Riverside Ville 758 1 100% 72% 2012

Beau Residences 648 1 100% 72% 2012

La Cite 118 100% 1% 2013

GUANGZHOU

Dolce Vita 741 3 48% 47% 2013

TOTAL 7,374

PROJECT Units

Launched

1 Project fully launched. 2 % sold: units sold (S&P documentation fully completed as of 31 Dec 2011) against units launched. 3 Launches from existing projects in 4Q 2011, namely Imperial Bay: 60 units; Dolce Vita: 248 units; The Loft: 262 units. 4 New project launches in 4Q 2011, namely Paragon: 116 units; International Trade Centre: 399 units. 5 TOP is based on the completion of the project's entire launched phase.



Serviced Residence

• Acquired 20% interests in CCH’s The Paragon

(Luwan district) and Hengshan Road (Xu Hui

district) developments in Shanghai, China

• Divested New Minzhong Leyuan Mall in Wuhan

and Ascott Beijing

• Secured 7 new management contracts (+1,135

units) across Beijing, Shanghai, Chengdu,

Foshan, Hong Kong, Macau and Wuhan

• Opened 2 properties in Shenzhen and Xi’an

* Refers to Systemwide RevPAU

S$ +5%

Ascott Paragon Macau

Somerset Zhongshan Wuhan

68

The Ascott Limited‟s Portfolio: 21,844 operational & 7,685 under development (As at 10 February 2012)

ART ASRCF Owned Minority

Owned 3rd Party

Managed Leased Total Singapore 497 146 195 838 Indonesia 401 1,551 1,952

Malaysia 255 221 1056 1,532

Philippines 523 582 67 1,172

Thailand 651 1,091 1,742

Vietnam 818 132 553 1,503

SOUTH EAST ASIA TOTAL 2,239 533 872 5,028 67 8,739

China 433 2,297 565 4,019 7,314

Japan 303 124 427

South Korea 420 420

NORTH ASIA TOTAL 736 2,297 565 124 4,439 8,161

India 1368 96 1,464

SOUTH ASIA TOTAL 1,368 96 1,464

Australia 127 380 209 716

AUSTRALASIA TOTAL 127 380 209 716

United Kingdom 600 136 736

France-Paris 994 106 293 516 1,909

France-Outside Paris 677 1 795 1,473

Belgium 323 323

Germany 264 293 557

Spain 131 131

Georgia 66 66

EUROPE TOTAL 2,989 399 360 1447 5,195

U.A.E 118 118

Bahrain 318 318

Qatar 429 429

Oman 220 220

GULF REGION TOTAL 1085 1,085

SERVICED APARTMENTS 6,091 2,297 3,245 996 10,912 1,819 25,360

Corporate Leasing 509 429 2,215 946 70 4,169

CORP LEASING TOTAL 509 0 429 2,215 946 70 4,169

GRAND TOTAL 6,600 2,297 3,674 3,211 11,858 1,889 29,529

The Ascott Limited (Ascott)

69

Serviced Residence

FY2011 RevPAU Performance

The Ascott Limited

201

9386

138132

146

115

237

9390

123

138

117 118

40

60

80

100

120

140

160

180

200

220

240

Singapore SE Asia & Australia (ex

S'pore)

China North Asia (ex China)

Europe Gulf Region & India

Total

FY 2010 FY 2011

Same-store– Numbers include all serviced residences owned, leased and managed

RevPAU – Revenue per available unit

Foreign currencies are converted to S$ at respective period’s average rates

+18%

-20%

+3%

S$

-11%

Somerset West Bay Doha (management contract) and Somerset Al Fateh Bahrain

(management contract) affected by political unrest

+5%

In Euro terms, RevPAU increased 8%.

+5%

Due to the ensuing crisis following the

earthquake in Japan

In RMB terms, RevPAU increased 9%.


70

Ascott‟s Investment Portfolio (excludes Ascott Reit’s property portfolio)

Operating Assets – Majority Owned Ascott’s Share

No. of units

GFA# (Sqm)

Asset Value as at 31 Dec ’11# (S$ ‘mil)

Serviced Residence

1. Ascott Raffles Place Singapore 100% 146 15,694 175

2. Ascott Guangzhou China 100% 208 19,797 48

3. Somerset ZhongGuanCun Beijing China 100% 154 19,975 65

4. Citadines Xinghai Suzhou China 100% 167 10,166 20

5. Citadines Ashley Hongkong 100% 36 2,632 26

6. Somerset Ampang Kuala Lumpur Malaysia 100% 207 18,847 55

7. Somerset Seri Bukit Ceylon Kuala Lumpur Malaysia 100% 48 3,604 5

8. Somerset on Elizabeth Melbourne Australia 100% 34 1,872 10

9. Citadines on Bourke Melbourne Australia 100% 380 28,427 184

10. Japan Rental Housing Portfolio I (5 properties) 89% 429 17,169 100

Total

1,809

688

The Ascott Limited

# Based on 100% value


71

Ascott‟s Investment Portfolio (cont‟d) (excludes Ascott Reit’s property portfolio)

Operating Assets – Minority-owned Ascott’s Share

No. of units

GFA# (Sqm)

Asset Value as at 31 Dec ‘11# (S$ ‘mil)

1. Ascott Kuala Lumpur Malaysia 50% 221 36,206 82

2. Ascott Sathorn Bangkok Thailand 40% 177 45,361 56

3. Citadines Sukhumvit 8 Bangkok Thailand 49% 130 8,505 13




7. Citadines Shinjuku Tokyo Japan 40% 160 6,197 97

8. Citadines Karasuma-Gojo Kyoto Japan 40% 124 4,835 52

9. Japan Rental Housing Portfolio II (20 properties)

19% 1,820 75,078 370

10. Japan Rental Housing Portfolio III (1 property)

30% 395 36,770 80

11. Ascott China Fund Portfolio (11 properties) 36% 2,297 327,361 1,105

Total 5,668 1,889

The Ascott Limited

# Based on 100% value


72


Assets Under Development - Majority-owned

Ascott’s Share

No. of units

GFA

(Sqm) #

Carrying Value as at 31 Dec’11

(S$ ‘mil)

Est. Total

PDE*# (S$ ‘mil)

1. Somerset Greenways Chennai India 64% 187 21,933 68 81

2. Citadines Hitec City Hyderabad India 100% 218 10,388 21 54

3. Citadines Parimal Garden Ahmedabad India

100% 220 9,118 17 39

4. Somerset Whitefield Bangalore India 100% 280 19,021 19 56

5. Citadines OMR Gateway Chennai India 100% 260 18,649 22 57

6. Ascott Arc de Triomphe Paris France 100% 106 9,700 117 149

7. Citadines Michel Hamburg Germany 100% 128 6,725 0 35

8. Citadines Messe Frankfurt Germany 100% 165 8,104 0 49

9. Somerset Central TD Hai Phong City Vietnam

90% 132 14,531 14 27

Total 1,696 278 547

The Ascott Limited

* PDE = Property Development Expenditure # Based on 100% value


73


Assets Under Development - Minority-owned

Ascott’s Share

No. of units

GFA

(Sqm) #

Carrying Value as at 31 Dec’11

(S$ ‘mil)

Est. Total PDE*# (S$ ‘mil)

1. Citadines Galleria Bangalore India 50% 203 13,935 4 32

2. The Paragon development, Luwan District Shanghai China

20% 287 145,500 176 760 (Est. underlying land value)

3. Hengshan Road development, Xu Hui District Shanghai China

20% 91 15,000 19 78 (Est. underlying land value)

Total 581 NM^

The Ascott Limited

* PDE = Property Development Expenditure # Based on 100% value

^ Not meaningful CapitaLand Group FY2011 Results *February 2012*


China Shopping Malls CapitaMalls Asia (CMA)

• Tenant sales and shopper traffic grew 13.2% and 7.5%

• Credit tightening policies presented opportunistic acquisitions

Minhang Plaza, Shanghai

CapitaMall Minzhongleyuan,

Wuhan Suzhou site, Suzhou

* Concept design

Total of 5 Acquisitions

Hongkou Plaza, Shanghai

Chongqing site*

74


2005(1) 6%

2006(2) 9%

2007: 3%

2008: 3%

2009: 4%

2010: 4%

2011(3) 33%

2012 9%

2013 10%

2014 onwards

19%

China: Operational Malls Make Up More than

60% of NAV

Projects under development

Operational malls

NAV as at 31 Dec 2011: S$4.0 bil (Based on effective stakes)

Malls: 56

Operational Malls: 62% by NAV

Year of Opening

% of Portfolio by

Effective Stakes

(1) Includes Raffles City Shanghai and CapitaMall Minzhongleyuan

(2) Includes malls under or previously under master lease namely CapitaMall Shuangjing, CapitaMall Anzhen, CapitaMall Erqi and CapitaMall Saihan

(3) Includes additional 50% stakes in Hongkou Plaza and Minhang Plaza, the acquisition of which is pending completion


75


Retail Pipeline

Countries

No. of Properties as at 31 Dec 2011

Operational Target to be

opened in

2012

Target to be

opened in

2013

Target to be

opened in

2014 & beyond

Total

Singapore 16 2 1 1 20

China 42 7 2 5(1) 56

Malaysia 5 - - - 5

Japan 7 - - - 7

India 2 - 2 5 9

Total 72 9 6 10 97

(1) Includes Suzhou and Chongqing Integrated Development

CapitaMall Taiyanggong, Beijing


7 Malls in China & 2 Malls in Singapore to Open in 2012

JCube, Singapore


China Shopping Malls CapitaMalls Asia (CMA)

77

100% Basis

Year of Opening NPI Yield

on Cost (%)

Yield

Improvement

Tenant Sales

Growth1

FY 2011 FY 2010

20052 4.7 3.5 34% 10.1%

20063 8.0 6.4 25% 16.2%

2007 8.1 6.5 25% 15.2%

2008 4.7 3.1 52% 12.2%

2009 5.8 3.7 57% 24.6%

2010 1.9 (1.0) n.m. n.a.

(1) Tenant sales are based on a same-mall basis (100%) and excludes sales from supermarkets and department stores.

(2) Excludes Raffles City Shanghai.

(3) Excludes malls under or previously under master lease namely CapitaMall Shuangjing, CapitaMall Anzhen, CapitaMall

Erqi and CapitaMall Saihan.

(4) For malls that are opened as at 31 Dec 2009

FY 2011 NPI Yield on Cost Gross Yield

China Portfolio4 6.8% 11.8%

• Significant operational improvement


Growth in Shopper Traffic & Tenant Sales

Malls

opened before

1 Jan 2010

FY2011 FY 2011 vs

FY 2010 (%)*

NPI Yield

(%)1

on valuation

as at

31 Dec 2011

Committed

Occupancy

Rate (%)2 as

at

31 Dec 2011

Shopper

Traffic

Tenant

Sales

Singapore3 5.6 98.3 2.2 5.5

China4 5.6 97.4 7.5 13.2

Malaysia 6.5 97.6 1.5 -

Japan 4.2 93.0 2.6 0.8

India 7.1 96.2 0.1 13.6

(*) Notes on Shopper Traffic and Tenant Sales:

Singapore: Excludes JCube, Hougang Plaza, The Atrium@Orchard and Iluma

China: Excludes 3 master leased malls under CRCT. Excludes tenant sales from supermarket and department stores

Malaysia: Point of sales system not ready. Excludes Queensbay Mall, whose acquisition by CMA was completed in Apr 2011, and East Coast Mall, whose acquisition by CMMT was completed

in Nov 2011

Japan: Excludes Ito Yokado Eniwa for shopper traffic. Tenant sale for Vivit Square and Chitose Mall only

Note: The above figures are on a 100% basis, where the NPI yield and occupancy of each mall are taken in their entirety regardless of CMA’s interest. This analysis takes into account all

malls that are opened prior to 1 Jan 2010.

(1) Refers to weighted average yield of our operational malls, computed by using the annualised net property income.

(2) Refers to the weighted average committed occupancy rate.

(3) Excludes The Atrium@Orchard, which is undergoing major AEI

(4) Excluding CRCT, NPI yield on valuation as at 31 Dec 2011 is 5.2% and committed occupancy rate is 97.0%




Australia


Australia

• Investment Property

– Strong recurrent earnings from A$2.2b (S$2.9b)

Investment Portfolio with occupancy at 99.2%,

– Comparable NOI growth of 3.2%

• Industrial development

– Delivered buildings with a total net lettable area of

197,000 sqm in 2011

– Solid forward workload: 14 projects, end value

~A$560m (S$747m)

– Established Logistics Joint Venture with GIC

• Office development

– 357 Collins St due for completion 2H2012

– Development of final stage of Rhodes Corporate Park

underway

357 Collins St VIC

Australand Property Group


Residential development

Australand Property Group

• Gross lot sales up 15% yoy driven by

new project launches

– Value of contracts on hand up 16% to

A$348m (S$452m)

• Melbourne market showing resilience

and Sydney remains undersupplied.

Perth is improving but Brisbane

remains challenging

– Pipeline strategically positioned in

growth areas at competitive price points

• Medium term earnings underpinned by

recent site acquisitions and existing

pipeline

– 21,800 lots under management

– A$8.1b (S$10.5b) end value

81

Kangaroo Point, QLD

Burwood, VIC


Financials


1 Excludes Retail and Serviced Residences in China

2 Includes residential businesses in Malaysia and Thailand 3Includes Corporate Office, Australand and Others

EBIT by SBU – FY 2011

EBIT Revaluation

Gain

773.1

80.0

327.4

423.7

189.6

148.4

597.0

2,086.6

Portfolio

Gain

-

169.6

22.3

-

36.8

20.3

260.5

CapitaLand Commercial2

CapitaMalls Asia

The Ascott Limited

CapitaLand Financial

TOTAL EBIT

CapitaLand China Holdings1

CapitaLand Residential S‟pore

(S$ M)

-

90.5

78.1

-

-

14.8 405.3

93.2

CapitaValue Homes (12.9)

Impairment

of assets

23.5

(0.7)

-

-

-

(5.9)

(5.2)

(66.5)

333.4 Others3 (3.3) 106.0 (78.2)

83


FY2011 PATMI Impact : Revaluation Gain/(Loss)

S$' Million S'pore China AustOther

Asia (1)

Europe &

OthersTotal

CapitaLand China - 90.7 - - - 90.7

CapitaLand Commercial 92.7 - - (0.4) (0.1) 92.2

Ascott 28.7 25.4 1.3 7.3 14.9 77.6

CapitaMalls Asia 86.7 125.6 - (2.5) - 209.8

Australand - - 47.0 - - 47.0

CL Corporate - 17.0 - - - 17.0

Total 208.1 258.7 48.3 4.4 14.8 534.3

(1) Excludes S’pore and China and includes projects in GCC

(2) Group’s share of RCCF and Raffles City Changning’s FV gains held through CMA.

(2)

84


Committed S$11b of New Investments in FY2011 Financials

Project Name SBU Stake

(%)

Geography Project

Type

Total

GFA

(Sqm)

Committed

Investment

S$‟b

Raffles City Chongqing CL/CMA 25/25 China Mixed use 817,000 4.31, 5

Westgate CCL/CMA/CMT 20/50/30 Singapore Office & Retail 89,187 1.501, 5

CapitaGreen CCL/CCT 50 /40 Singapore Office 82,405 1.401, 5

Remaining stake in

Minhang & Hongkou CMA 100 China Retail 367,624 0.95

West Jinji Lake CMA 50 China Retail 310,000 0.64

Bishan Central site CRS 65 Singapore Residential 58,786 0.552, 5

Surbana CL 40 - Investment - 0.36

iluma CMT 100 Singapore Retail 27,7944 0.30

Hangzhou Site CCH 100 China Residential 80,105 0.212

Ascott Arc de Triomphe

Paris Ascott 100 France

Serviced

Residence 106-units 0.15

Panyu site CCH Increase to

453 China Residential 1,108,455 0.13

Marine Point site CRS 100 Singapore Residential 9,986 0.102

Raffles City Shenzhen CCH Increase to

736 China Mixed use 237,500 0.09

Innov Tower CCH Increase to

1007 China Commercial 40,445 0.05

Others 0.57

Total New Investment Commitments ~ S$11b

85

1 Estimated PDE 2 Land cost 3 Incremental 38% stake 4 Net Lettable Area 5 Refers to 100% interest 6 Incremental 14.7% stake 7 Incremental 50%

stake

86

Debt Maturity Profile Capital Management

CapitaLand Group 3Q2011 Results

GROSS DEBT CASH

S$'M Maturing in Year Ending 31 Dec (CBs with Put Tenor)

Total 2012 2013 2014 2015 2016 2017+

CL Group 12,442 861 1,572 1,106 2,992 3,571 2,340 6,264

Less : CMA Group (2,004) (239) (115) (222) (263) (792) (373) (990)

Less : Australand Group (1,797) 0 (676) 0 (395) (483) (243) (121)

CL Group (ex CMA & Australand) 8,641 622 781 884 2,334 2,296 1,724 5,153

> Group Treasury 6,301 148 542 532 1,570 1,859 1,650 3,383

> Other SBUs 2,340 474 239 352 764 437 74 1,770

Average debt maturity for

Group Treasury 4.3 years


Group Managed Real Estate Assets* of S$60.3b Financials

* Group Managed Real Estate Assets is the value of all real estate managed by CapitaLand Group entities stated at 100%

of the property carrying value.

** Others include 100% value of properties under management contracts.

Group Managed RE

Assets

As at 31 Dec 2011

(S$b)

On Balance Sheet & JVs 22.5

Funds 12.5

REITs/Trusts 19.9

Others** 5.4

Total 60.3


Revenue Under Management for FY 2011

Financials

• Revenue Under Management : Revenue of all properties managed by the Group

Statutory Revenue Revenue Under Management

S$B


Asset Matrix - Diversified Portfolio excluding Cash

As at 31 December 2011

(1) China including Macau & Hong Kong

(2) Excludes S’pore and China and includes projects in GCC

S'pore China (1) Aust Other

Asia (2)

Europe &

Others

Total

S$'M S$'M S$'M S$'M S$'M S$'M

CapitaLand Residential

Singapore

2,922 - - - - 2,922

CapitaLand China Holdings - 5,978 - - - 5,978

CapitaLand Commercial 2,087 10 - 548 46 2,691

Ascott 335 795 235 739 773 2,877

CapitaValue Homes - 111 - 354 - 465

CapitaLand Financial 142 10 63 8 - 223

Surbana 176 176 - 13 - 365

Others 262 220 18 121 - 621

Unlisted Subsidiaries 5,924 7,300 316 1,783 819 16,142

CapitaMalls Asia 3,765 3,341 - 806 - 7,912

Australand - - 5,001 - - 5,001

Total 9,689 10,641 5,317 2,589 819 29,055

Assets Allocation


Shanghai34%

Beijing14%

Chengdu8%

Tianjin7%

Shenzhen6%

Hangzhou5%

Guangzhou4%

Kunshan4%

Chongqing3%

Foshan3%

Ningbo2%

Wuhan 2%

Others 8%

Concentrating our Presence in China

92%* of Group Property in Top 12 Cities

^Property Value refers to the carrying amount of each property in the financial statements as at 31 Dec 2011

* Based on effective stake held by CapitaLand and total property value in China

Property Value^ in China: ~S$9.0b*

90


SBUs As at 31 Dec 2011

S$‟b

CapitaLand Residential Singapore 8.5

CapitaLand China Holdings Limited 22.4

CapitaLand Commercial Limited 1.4

The Ascott Limited 0.5

CapitaValue Homes 1.6

CapitaMalls Asia 11.6

Australand 14.6

60.6

Total Project Size of On-going Development Projects1

1 Total value of PDE (based on 100% basis)

91

CapitaLand Group 3Q 2011 Results...4 CapitaLand Group FY2011 Results February 2012 Results...

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